| The "Fourteenth Five-Year Plan" clearly points out that it is necessary to promote the in-depth integration of industry,university and research,support enterprises to form innovation consortiums,take strengthening the construction of common technology platforms as an important strategic path,and promote the innovation integration of large and medium-sized enterprises in the upstream,middle and downstream of the industrial chain.Open innovation can effectively integrate the internal and external innovation elements of enterprises,and is an important strategic choice to improve the adaptability of enterprises to dynamic environmental changes and achieve sustainable development.However,while helping enterprises gain competitive advantages,it also puts forward new requirements for the organization’s resources,capabilities and cooperation willingness of partners.At present,some scholars believe that the tone of the annual report,as a new way of information transmission,can convey the signals of the management’s recognition of the enterprise’s value and development prospects to external stakeholders,thus affecting the company’s financing ability and the willingness of external stakeholders to cooperate.However,the existing research shows that the tone of the annual report of enterprises may be either the true signal disclosure as incremental information or the false signal manipulation as fuzzy information.Therefore,only evaluating the enterprise value from a single tone of the annual report may ignore the objective reality of the management’s manipulation of the tone,resulting in "misdiagnosis" of the enterprise value judgment and wrong evaluation.Therefore,corporate partners(such as scientific research institutions,universities,institutional investors,etc.)need to use external auxiliary signals to judge the authenticity of the tone of the annual report,so as to make correct investment and cooperation decisions.As an important third-party information transmission method,media report intonation can effectively convey emotional signals about the value and development potential of enterprises.While reducing the degree of internal and external information asymmetry,it can also serve as an effective auxiliary signal to help stakeholders judge the true tone of the annual report through the internal and external tone consistency of the enterprise,so as to make correct innovation and cooperation decisions.Therefore,based on the patent data of open innovation of listed companies in China’s manufacturing industry,this paper theoretically analyzes and empirically tests the effect of the consistency of the tone of the annual report and the tone of the media report on open innovation,and examines whether the consistency and inconsistency of the internal and external tone of the enterprise can affect the innovation cooperation relationship between the enterprise and stakeholders.At the same time,information transparency is introduced into the research framework of "internal and external intonation consistency of enterprises-open innovation" to explore the internal logic of information transparency on the innovation effect of internal and external intonation consistency of enterprises.The results show that:firstly,the positive consistency between the tone of the annual report and the tone of the media report is positively correlated with the open innovation of enterprises.This shows that when the tone of the newspaper is positive and the tone of the media report also releases positive signals,the positive consistency of the internal and external tone of the enterprise can help the enterprise obtain "praise" from external partners,and the resulting low financing threshold and low cost constraints will be conducive to the implementation of open innovation by enterprises.Secondly,the negative consistency between the tone of the annual report and the tone of the media report has a negative correlation with the open innovation of enterprises.That is,the negative signals conveyed by the internal and external tone of the enterprise will raise the potential cost of enterprise innovation cooperation and reduce the opportunity and ability of enterprises to break through the organizational boundaries and seek innovation cooperation.At the same time,the internal contradictions and financial risks highlighted by the double negative tone of the annual report and the media report are also the main constraints for enterprises to implement open innovation.Moreover,the inconsistency between the positive tone of the annual report and the negative tone of the media report has a negative correlation with the open innovation of enterprises.That is,stakeholders can use the negative tone of the media report as an auxiliary signal to identify the biased signals of the management to cover up bad news or deceive others for other private motives,which is not conducive to the cooperation and innovation between enterprises and the outside world.In addition,the inconsistency between the negative tone of the annual report and the positive tone of the media report has a negative correlation with the open innovation of enterprises.It shows that although the tone of media reports conveys the positive information of enterprises,the partners who follow the" prudent principle" will fully consider the negative information disclosed in the annual report,which is not conducive to the implementation of open innovation by enterprises.Finally,information transparency has a certain impact on the innovation effect of internal and external intonation consistency of enterprises.The lower information transparency strengthens the relationship between the consistency of the tone of the annual report and the tone of the media report and open innovation,and the relationship between the inconsistency of the positive tone of the annual report and the negative tone of the media report and open innovation is also more significant.However,the inconsistency between the negative tone of the annual report and the positive tone of the media report has no significant impact on open innovation.The research contributions of this paper are as follows:First,it reveals the signal effect of internal and external intonation consistency from the perspective of cooperative innovation.This paper breaks the research limitation of single tone,combines the tone of internal annual report of enterprises with the tone of external media reports,and combines the urgent need of Chinese listed companies to break through the organizational boundaries and seek cooperative innovation,revealing the impact of internal and external tone consistency on open innovation.The research on the combination effect of internal and external intonation of enterprises provides a new theoretical perspective and empirical evidence for improving the efficiency of internal and external intonation information dissemination of enterprises,and promoting enterprises to break through the organizational boundaries and realize the integration and coordination of innovation resources.Secondly,from the perspective of information transparency,it reveals the internal logic that information transparency affects the innovation effect of internal and external intonation consistency of enterprises.In the absence of effective intonation supervision,the authenticity of the intonation of the annual report of enterprises will be affected by information transparency.The lower the transparency,the greater the suspicion of managers’ intonation manipulation,so that investors’ reliance on the intonation of the internal annual report of the enterprise is reduced,and the dependence on the external intonation of the enterprise,that is,the intonation of the media report,is increased.From the perspective of information transparency,this paper reveals the innovative effect of internal and external intonation consistency of enterprises,enriches and supplements the relevant research of signal theory,and provides experience for urging enterprises to improve the quality and transparency of information disclosure. |
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